The report on the local property market was alarming (Property market to stay talk of the town; July 9).
It stated that this was the the ninth round of property cooling measures since 2009. This shows that the current strategy adopted to rein in prices is not an effective or sustainable solution.
Perhaps education in investment methods will be a better alternative in the long run.
To reduce the demand for multiple properties as investments, Singaporeans can be educated more on the various types of investment opportunities available to them in this globalised economy.
Singaporeans' love affair with property investment is highly driven by the belief that is the safest investment.
However, other safe investments, such as government bonds and mutual funds, exist. These forms of investments are also good alternatives for investors and provide sufficient returns, which counter inflation.
Residential investment is a strong pillar for our gross domestic product, which has been growing steadily. Concerns exist regarding the negative effect to GDP if residential investment falls. To sustain growth and reduce our dependence on residential investment to fuel growth, Singapore can specialise in areas in which we have a comparative advantage, such as in hospitality and health tourism. Resources can be channelled to these areas to increase productivity.
This, coupled with more educated, globalised investors would make Singapore a stronger economy.
Akshay Nitin Dhulia